Surya Roshni (SURYAROSNI) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue declined 4% year-over-year, mainly due to an 18% drop in HR coil prices, but sequential revenue grew 22% with EBITDA and PBT up 87% and 163% respectively from Q2.

• Lighting and Consumer Durables segment achieved 12% year-on-year revenue growth, driven by innovation and strong distribution.

• Steel pipe and strip segment saw 8% year-on-year volume growth, but revenue declined 8% due to lower steel prices.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2024 were approved by the Board on 6 February 2025.

• Company achieved zero debt and maintained a cash surplus of INR 220 crore as of nine months FY25.

Financial highlights

• Q3 FY25 standalone revenue: INR 1,868 crore vs INR 1,938 crore YoY; EBITDA: INR 156 crore vs INR 158 crore; PBT: INR 90 crore, flat YoY.

• Standalone net profit for Q3 FY25 was ₹8,987 lakhs, compared to ₹3,606 lakhs in Q2 FY25 and ₹9,003 lakhs in Q3 FY24.

• Lighting and Consumer Durables Q3 revenue: INR 451 crore (+12% YoY); EBITDA: INR 45 crore (+20% YoY); PBT: INR 35 crore (+18% YoY).

• Steel pipes and strips Q3 revenue: INR 1,417 crore (-8% YoY); EBITDA: INR 111 crore (-9% YoY); EBITDA/ton: INR 5,163 vs INR 6,156 YoY.

• Basic and diluted EPS (consolidated and standalone) for Q3 FY25 were ₹4.13 each.

Outlook and guidance

• Confident in delivering double-digit revenue growth and double-digit EBITDA margin for lighting for the full fiscal year.

• Targeting 15%+ annual volume growth, with greenfield projects and INR 500 crore investment planned.

• Steel pipe capacity expected to reach 1.8–1.9 million tons in two years, with INR 300 crore CapEx over the next three years.

• Financial statements reviewed by the Audit Committee and approved by the Board, with an unmodified limited review report from statutory auditors.